What’s Preventing Bitcoin’s (BTC) Price from Reaching $70,000? How Long Will It Stay Under $65,000?
The crypto markets are becoming uncertain of the next price action as the top token, Bitcoin, has been shadowed under misty clouds. The bulls and bears exert equal pressure, causing the price to remain consolidated within a narrow range. With the price advancing towards the second half of the month, more bearish action is expected to occur, which could shake up the BTC price rally and the entire crypto market for a while.
The BTC price has yet again refrained from rising above $60,000 which suggests a strong presence of bears at these levels. The token is experiencing enough pressure, due to which the bearish doors may have opened in the short term, regardless of the price trading in a bullish pattern in the longer time frame. Therefore, the price is likely to drop to the local support zone if the bulls continue to remain passive.
The 4-hour chart displays the possibility of the BTC price heading towards the local support zone below $58,000. The Bollinger bands have begun with a parallel trend and are descending towards the support. This validates the bearish claim, which may attract huge volumes as it did a week ago. The MACD suggests a drop in the selling pressure but the volume remains lower than that of the buyers while the levels are about to undergo a bullish crossover. Hence, it may be analyzed that buyers may jump in when the price plunges back below $58,000.
A drop to the local support in the short term is required to attract the buyers but a rise above $60,000 may happen only if the bulls maintain significant strength. Only a rise in the buying pressure at $59,500 may elevate the levels beyond the range. Otherwise, the price may continue to consolidate between $58,000 and $62,000 for a long time frame, which may annoy market participants.
However, the Bitcoin (BTC) price in the short and long term appear poised to trigger a bullish rebound as the technicals continue to be in bullish favour.
